Germany’s LANXESS places €500m bond

13 November 2012 04:37[Source: ICIS news]

SINGAPORE (ICIS)--German specialty chemicals group LANXESS has successfully placed a long-term eurobond on the European capital market under the company’s existing debt issuance program, the company said on Tuesday.

The issue, which was very well received by investors, has a volume of €500m ($633m) and a ten year term, it added in a news release.

The bond has a 2.625% per year coupon and will be traded in denominations of €1,000 on the ?xml:namespace>Luxembourg stock exchange under the ISIN code XS0855167523 as of 21 November 2012, according to the release.

“We are capitalizing on the positive receptivity of the fixed income market, especially for investment grade-rated corporate bonds, in order to already address our maturities in the coming years and thus secure low interest rate levels for a long period,” said Bernhard Duettmann, CFO of the company.

Joint lead managers of the issue were Bayerische Landesbank, Commerzbank, UniCredit Bank and The Royal Bank of Scotland. The bond is rated BBB (stable outlook) by Standard & Poor’s and Baa2 (stable outlook) by Moody’s.